PROCESS
Your Journey With Charter HCP
The Charter HCP team follows a strict process with each and every transaction to ensure that deals complete as quickly as possible.
Therefore, the team will always work closely with borrowers and brokers to understand any specific time constraints or circumstances to deliver the best results.
If you have a case which you would like to discuss get in touch and with us.
Initial Enquiry
At initial enquiry, we require a high level overview of the deal in order to determine whether it is feasible for to support on the case. Basic points which we assess in order to give you a quick response are as follows:
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Full address
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Current value & gross development value
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Loan amount & term
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Build costs
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General deal description
Indicative Terms
Once you have received your indicative terms and sent us confirmation that you would like to proceed, you will be required to gather more detailed information before we are able to issue a Formal Offer.
This is so we can be sure that there are no major issues which could cause the deal to fall out later on in the process.
The items requested help to provide an overview of the borrower, the case and the circumstances surrounding the transaction.
Formal Terms
Provided we are happy with the relevant information that has been provided, the borrower will receive formal terms. At this stage if the borrower wishes to proceed an acceptance fee is paid. From here, it is useful to start preparing the borrower’s KYC to ensure that the loan can be completed within the expected timeframe. Charter HCP will send you or your customer a link to complete the process.
Legals
Following payment of the Acceptance Fee, quotes are requested from 3rd party professionals (solicitor, valuer and monitoring surveyor) and once the borrower is happy with the proposed fees, the relevant service providers are instructed. From this stage, the speed at which the loan completes depends on timely response and payments to move the process forwards. In the background, the Underwriting Team will also be hard at work, conducting Charter HCP's internal due diligence to ensure that the loan is secure.
We advise at this stage to be fully prepared to issue any appropriate documentation in addition to what has already been requested.
Completion
Upon completion of the loan, the borrower will receive an email from their dedicated Asset Manager who will introduce themselves and provide a reminder of any items which need to be satisfied post-completion.
Drawdowns
Once your post completion items have been completed you will be ready to begin drawing down from your build facility. This is a two-step process; you will need to get in contact with the Monitoring Surveyor for your loan and arrange a site visit.
Following the visit, the MS will send their report to us who will review it and revert back to you with any questions we may have. Provided the report is satisfactory, drawdown funds will arrive as soon as possible after the Asset Manager has confirmed that they are happy with the contents of the report.
Redemption
When the borrower is ready to repay the loan they will need to get in touch with the Asset Manager to inform them of their intentions. The Asset Manager will then provide a loan balance that is required for repayment and will also ask Charter HCP's solicitor to get in touch with the borrower’s solicitor to arrange for the necessary legal work to be completed in anticipation of the repayment of the loan.